Citigroup (NYSE: C) continues to hemorrhage capital as fast as it can raise it. The good news last week is that America’s largest bank “only” lost US$5.1 billion in the first quarter, which was less than the vaunted analysts had expected. Less good, Citigroup wrote down US$16 billion in assets. Worse for the bank and those investors brave/oblivious enough to recapitalise it is that you could not pick a U.S. bank more exposed to the housing and retail busts unfolding.
April 21st, 2008 | Dan Denning | 0 comments | ContinuedAll Posts Tagged With: "citigroup"
UBS Bet $80 Billion of Shareholders’ Money on US Mortgage Securities
UBS bet $80 billion of shareholders’ money on US mortgage securities. So far, it has lost $37 billion. UBS shareholders seemed to think that what happened to them should have been illegal…
April 8th, 2008 | Bill Bonner | 1 comment | Continued